A, Willingness Willingness Consumer Producer to Pay to Accept Name Name (WTP) (WTA) $35 E. $85 $46 F. $45 $72 C. G. $435 $94 D. H. Use the table above to answer the following question. Hint: Consider how the table displays consumer WTP in descending order and producer WTA in ascending order, and think about how this is similar to the graph of the supply & demand model. Assume the table describes 4 consumers and 4 producers in the market for concert tickets. The price in the market is $80. If consumer "A" purchases a ticket, %3D what would be the consumer surplus for consumer "A"? Note: enter answer with only numerical values and round up to the nearest tenth. For example, if you think the answer is "$101.58" then enter the answer "101.6" in the space below.

A, Willingness Willingness Consumer Producer to Pay to Accept Name Name (WTP) (WTA) $35 E. $85 $46 F. $45 $72 C. G. $435 $94 D. H. Use the table above to answer the following question. Hint: Consider how the table displays consumer WTP in descending order and producer WTA in ascending order, and think about how this is similar to the graph of the supply & demand model. Assume the table describes 4 consumers and 4 producers in the market for concert tickets. The price in the market is $80. If consumer "A" purchases a ticket, %3D what would be the consumer surplus for consumer "A"? Note: enter answer with only numerical values and round up to the nearest tenth. For example, if you think the answer is "$101.58" then enter the answer "101.6" in the space below.

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter7: Consumer Choice: Maximizing Utility And Behavioral Economics

Section: Chapter Questions

Problem 9QP

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